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Scotiabank opens new fintech-focused development centre

Canada’s Scotiabank has opened its new 70,000 square-feet “digital factory” in Toronto for fintech innovation.

It is designed to be an innovation hub and incubator for the 23 million Scotiabank customers across the world, and is one among five centres in a network of such fintech-focused innovation centres. Mexico, Peru, Chile and Colombia will be home to the other four “digital factories”.

The centre is expected to employ 350 digital, design, engineering, “agile” and other specialists. The Toronto centre features a customer usability lab and scrum-ready workspaces, and is protected with contactless biometric security solutions.

Scotiabank has roped in several prominent academic and industry partners such as the Rotman School of Management, Ivey Business School, and Kabbage, the new-age SME loan provider.

From the looks of it, Scotiabank is gearing up to leverage its ecosystem and build fintech solutions that help it win in local and international markets.

Also last year, Scotiabank named key components of its technology and operations strategy at its annual meeting of shareholders. These (unsurprisingly) focus on digital transformation, technology investment and the simplification of its organisational and operating models, as the nature of work and roles change.

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